The Russellville Democrat., 1887-12-14
PRESIDENTS MESSAGE
The Surplus and the Tariff the Only
 Questions Touched.
The Reports of Heads of Executive De- partrnents and Former Messages Referred Co for Information
 on Other Subjects.

WAsHrsosroS, Dec. 6.--FolIowing is the full text of President Cleveland's message transmitted to Congress to-day:
 To THE CONGRESS OF THE UNITED STATES You are confronted at the threshold of your legislative duties, with condition of the
 NATIONAL FINANCES,
 Which finperafivey demands immediate and careful consideration. The amount of money annually exacted. through the operations of present laws, from the Industries and neces- necessary to meet the expenses of the Govern snent. When we consider that the theory of Our institutions guarantees to every citizen the full enjoyment of all the fruits Of his industry end enterprise, with only such deduction as may be his share towards the careful and econoncal D,cb maintenance him, 1t is plain that the exaction of more than this is indefensible extortion, and culpable betrayal of Ameucan fairness and justice. This wrong inflicted upon those who bear the burden of National taxation, like other wrongs, multi plies brood of evil consequences. The public treasury, which should only exist as conduit conveying tbt peoples tribute to it's legitimate objects of expenditure, becomes a honrding- place for noney needlessly withdrawn from trade and thc peoples use, thus crippling our National energies, suspending our counfry's cevelopmenh preventing investment in pro- duetive entfrprise, threatening Financial dis turbance, and inviting schemes of public plum der.
 This contttion Of our treasury Is not al- together new; and 1t has more than once of late been sa emitted to the people representa- lives in congress, who alone can apply a remedy. Ard yet the situation still continues. with aggravated incidents, more than ever presaging iirancial convulsion and wide spread disaster. St will not do to neglect this situation because its dangers are not now palpably im- fninent and apparent. They exist none the less certainly, and await the unforeseen and unexpected occasion when suddenly they will be precipitated upon us.
 On the 9oth day Of June. 1885, the excess of revenues over public expenditures after com plying wish the annual requirement. of the Sinking Fund act, was SI7, ,S59 735 S4 during the year ended June 30, 1886, such excess amounted to Sf9, 405. %, and during the year ended June 90 1887, il reached the sum of s5s SGT S4a5 54. The annual contributions to the sinking fund dur ing the three years above specified amounting in inc aggregate to &l3S 056 320 9f, and deducted from the surplus as stated, were made by call ing in for that purpose outstanding three per cent. bonds of the Government During the six months prior to June 30, 1887, the sur pps rsyenqe nad 80 large oy feared the withdrawal of this great sum Of money needed by the people, would so affect the business of the country that the sum of s79, ,s64 100 of such surplus was applied to the payment of the principal and interest of the three per cent bonds still outstanding, and which were then payable at the option Of the Government The preearlous condition of financial affairs among the people still needing relief, immediately after the 30th day of June, 1887, the remainder of the three per cent. bonds then outstanding, amounting with principal and interest to the sum of sis,ST, 800 were called in and applied to the sinking fund con tribution for the current fiscal year. Notwfth- standing these operations of the Treasury Departnaapt representations ofdfstress in busi- ~saAAmssas&~ snQt only continued, but increased
 a useemed at hand. In these circumstances the co1sgiibption to the sinking fund for the current fscai-year was at once completed by the expenditure of S27, ,6s4, ,2S3. B fin the purchase of Government bonds not yet due, bearing four and four and a nalf per cent. interest, ths premium paid thereupon ayer' ing about twenty four per cent for the forln. and eight per cent. for the latter. Tn addition , to this the interest sccruing during the current year upon the outstanding bonded indebted ness of the Government was to some extent anticipated, and banks selected as Repositories of public money were permitted to somewhat increase their deposits. While tie expedients thus employed. to re- | lease to the people the money lying idle In the | treasury. served to avert immediate danger, l .cumulate, the excess for the present year | AiFntingon the first day of December to S55,- |
 @Rd estimated to reach the sum of |
 the Both day of June next, at |
 is expected that this sum, added |
 ulations. will swell the surplus |
 70 $40. 00,000.
 be no assurance that, with |
 @sf-om use Of the peoples |
 business community |
 sar future be subjected |
 which was quite lately l
 oecause. And while the |
 @al Treasury should be J
 ,o M it's best cons1.s6Hsssf connection with private business interests, vet when, by perversion of its purposes, it idly holds money uselessiy subtracted from the channels Of trade, there seems to be reason for the claim that some legitimate means should be devised by the Government to restore in an emergency, without waste or extravagance, such money to it's place among the people. If such an emergency arises there now exists no clear and undoubted executive power of relief Heretofore the redemption of three per cent. bonds. which were payable at the option Of the Gov rnment, has afforded means for the disbursement of the <.f., ff,oc4 slr.fa hax all been retired, and there are no bonds out standing, the payment of which we have the right to insist upon The contribution to the expenditure In the purchase of bonds has been already made for the current year. so that there is no outlet in that direction. In the present state of legislation the only pretense of any existing executive power to re- store, at this time any part Of our surplus rev sists in the suppostion that the Secretary of the Treasury may enter the market and pur- chase the bonds of the Government not yet due, at a rate of premium to be agreed upon.
 The only provision of law from which such power could be derived is found in an appropri- ation bill passed number Of years ago; and 1t IS subject to the suspicion that it was intended as temporary and limited in its application, in- stead of eonferring continuing discretion and authority. No condition ought to exist which would justify tue grant Of power to a single official upon his judgment of it's necessity, to withhold from or release 10 the business of the people, in an unusual manner money held in
  the financial situation of the country; and If 1t is doomed wise to lodge in the Secretary of the Treasury the authority in the present junct vested, and provided, as far as possible, with such checks and Limitations as will define this | ofiicial right and discretion, and at the same time relieve him of undue responsibility.
 In considering the question of purchasing pOuds as means Of restoring to circulation .he surplus money accnmulafng in the treas ary, 1t should be borne in mine that premiums must of course be paid upon such purchase, het there may pc large part Of these bonds held as investments which can not be pur- Nnations amcs aoIders who are
 to may unreasonably .-ssas 1t has been suggested that the present bonded debt might be refunded at q less rate Of interest, and the difference between the old for the surplus in the treasury The success ef this plan, it Is apparent. must depend upon bonds and 1t is not entirely certain that the indueement which must be offered them would result ln more financial benefit to the Govern ment than the purchase of bonds, while the lat ter proposition would reduce the principal Of the debt by actual payment Instead Of extend ing 1t.
 The proposition to deposit the money held by the Government in banks throughout the coun- try, for use by the people. Is, it seems to me, exceedingly objectionable in principle, cstab- fishing too close relationship between the operations of the Government Treasury and the business of the country, and too extensive comminglng Of their money, thus fostering an unnatural reliance in private business upon public funds. 1T this scheme should be adopted 1t should only De done as temporary expe- dient to meet an urgent necessity. Legislative and executive effort should generally be in the opposite direction, and should have tendency to divorce, as much and as fast as safely be done, the TreasHry De partment from private enterprise Of course it Is not expected that unnecessary and extraya- gant appropriations will be made for the pur- pose of avoiding the accumulation of an excess of revenue. Such expenditure besides the de- moralzation of all just conceptions of public duty which it entails, stimulates habit of reckless improvidenee not in the least consist nj with the mission of our people or the high and benehcent purpose of our Government.
 have deemed 1t my duty O thus bring to the knowledge Of my countrymen, as well as 70 the El4antlon of lhelr r..IraseLla afigas chaInal